Next Insurance Layoffs
July 2022
Next Insurance announced a layoff affecting 150 employees (17% of its workforce) in July 2022. The company operates in the Finance sector.
150
17%
Jul 7, 2022
About
In July 2022, Israeli insurtech unicorn Next Insurance laid off 150 employees, representing approximately 17% of its workforce. The majority of the cuts were in the U.S., with around 40 positions affected in Israel. The company, which provides digital insurance for small and medium-sized businesses and had about 200,000 customers, cited the need to adapt to a worsening macroeconomic environment and shift focus toward long-term profitability. Despite tripling its business in 2021 and projecting over $800 million in annual sales for 2022, Next Insurance made this difficult decision to streamline operations. The company had previously raised $250 million at a $4 billion valuation in March 2021.
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